Frequently asked questions

What is Pillow?

Pillow is how Nigerians, and thousands of users from other countries, save their money from inflation. We accept deposits in Naira and crypto.

Your savings are put into stablecoin investments that get you returns way above the average rates. Also, there are options to invest directly in cryptocurrencies like BTC, ETH and others.

How does Pillow earn returns?

Pillow generates returns by investing the users’ funds into the best blue-chip DeFi protocols on blockchain networks.

Pillow has a dedicated research team that actively looks at 500+ protocols across 10+ chains (such as Ethereum, Polygon, Fantom, Arbitrum, etc.) to find the safest protocols to invest the users’ crypto in. These DeFi protocols are spread across various business models such as lending & borrowing, single-sided staking, insurance, etc.

Most of the yield generated from these investments is passed on as returns to the users.

How safe is Pillow?

Pillow’s investments place your safety above returns, so our investment team carefully selects stable, low-risk investments. Further, your investments, alongside users from 60+ countries, are safely insured by Bitgo—the standard insurance company for crypto investments.

Finally, if you’d love to visit us, we serve our global audience from 68 Circular Road, Singapore.

How do I deposit and withdraw from Pillow?

Pillow offers the option to deposit through your bank account or crypto transfers. And when it’s time to withdraw, you can simply withdraw to your preferred bank account or crypto wallet. No stress!

What is Pillow’s goal?

Our long-term mission is to create economic opportunities through the power of cryptocurrency. Today, to invest in foreign assets, crypto, DeFi etc. users have to jump through multiple hoops and the process is really complex and unreliable.

That’s where Pillow steps in. Users just have to transfer or buy funds in their Pillow account and they start earning returns immediately. Pillow does all the heavy lifting at the backend while ensuring a seamless investment journey on the front end.

Is Pillow a Nigerian company?

Pillow is incorporated in Singapore, with a team spread all over the world including a small team in Nigeria. You can read more about our founders and our journey here.

Can you tell me more about the Pillow team?

Pillow was founded by a team with deep expertise in DeFi, crypto, digital asset management, and building global, scalable businesses. Pillow’s founders are

Arindam Roy
Kartik Mishra
Rajath KM

Who are Pillow’s investors? 

Pillow is backed by some of the best blockchain investors in the world, including Elevation Capital, Polygon, DeFi Pulse and others.

What is Pillow’s business model?

Pillow generates revenue by deploying funds to decentralised finance protocols. Pillow keeps a portion of the income generated as our revenue, before passing on the promised interest to our users. 

In which countries does Pillow operate?

Pillow is globally available and has users from 60+ countries. Users from all over the world can sign-up and start investing in Pillow.

What is Pillow’s track record?

Pillow has served over 50,000 customers over the last 2 years across 60+ countries, and we have provided the best returns, safety and security of funds to our users.

Are the up to 14% APY returns guaranteed?

The current strategy, based on market conditions, offers up to 14% APY on the USDx product and up to 6% APY on the BTC and ETH. There are minor fluctuations on a day-to-day basis.

Any significant changes to these rates will be communicated well in advance to the users to ensure complete transparency and to allow the users to take appropriate decisions as and when necessary.

When do I start earning returns after successful deposits?

Once the deposit is successful, users start earning returns immediately. For ease of use, returns are credited daily at 11:30 AM Nigeria time.

How often are the returns credited to my account?

The returns are credited to your account daily at 11:30 AM.

What is the return rate on USDC | USDT?

The return rate on the USDx Case (which takes deposits of USDC or USDT) is currently annually. This return is distributed on a daily basis, and credited to the user’s Pillow account every day at 11:30 AM Nigeria time.

What is the return rate on BTC?

The return rate on the BTC Case (which takes deposits of BTC) is currently 6.02% APY.
E.g. If you have 1 BTC invested

- 0.3 BTC will earn 6.02% APY
- The balance of 0.7 BTC will earn 3.08% APY

What is the return rate on ETH?

The return rate on the ETH Case (which takes deposits of ETH) is currently 6.03% APY.
E.g. If you have 10ETH invested

- 5 ETH will earn 6.03% APY
- The balance of 5 ETH will earn 3.51% APY

What tokens are available on Pillow?

Currently, users can save and invest the following cryptocurrencies on Pillow:
USDC, USDT, BTC, ETH, MATIC, SOL, AXS.

Does Pillow trade my assets?

Pillow never trades your assets for unlike assets
 - Your USDC/USDT will never be swapped/traded for a BTC, ETH or a volatile asset
- Your BTC or ETH will never be traded for any other asset
Pillow, depending on strategy, may:
 - Trade your stablecoins (USDC, USDT) to other blue-chip stablecoins such as DAI
- Bridge your crypto from one chain to another
- e.g. ETH deposited on the ERC-20 network may be bridged as ETH to the Polygon network
This is to ensure that the users’ deposited principal is never at risk because of market conditions. You always walk away with the assets that you deposited plus the returns generated on top.

How can I get started on Pillow?

To get started on Pillow:
 - Download the Pillow App (Android or iOS)
- Sign-up with your details
- Deposit crypto via fiat currencies or your exchange/wallet
- Voila! You start earning daily returns

Which payment methods are supported?

The following forms of payment are supported
Bank Deposits
 - Pillow does not directly support bank deposits. Pillow connects users to third-party on-ramp provider in Nigeria who allow you to buy crypto via Naira bank accounts and only the crypto is deposited in the user's Pillow account.
Crypto Deposits
- BTC via the BTC network
- ETH via the ERC-20 network
- USDC and USD via the ERC-20 and BSC chain
- Solana via the SOL network
- MATIC via the Polygon and ERC-20 network
- AXS via the ERC-20 network

How to make bank deposits?

Please follow this article to make a bank deposit. 

How to make crypto deposits?

Please follow this article for help on crypto deposits.

I deposited but the amount has not shown up yet. What do I do?

Please allow a few minutes for the transaction to reflect. You will be notified via email as well as app notification. Please reach out to us in case of any further queries.

What is the maximum amount I can invest in Pillow?

There is no maximum amount that one can deposit in Pillow. Currently, there are users who have deposited greater than $300k as well in Pillow to earn 14% returns on their deposits.

I have deposited the funds. How do I invest?

After you complete your deposit, the investment is made automatically and you will start earning daily interest.

I am unable to invest on Pillow. What should I do? 

In case you run into issues while investing on Pillow, you can either get our real-time chat support via WhatsApp or even write to us at support@pillow.fund. Whatever your question, we should be able to help you through the process and ensure you can safely invest in Pillow.

How long does it take for my deposits to reach Pillow?

Crypto deposits made via Pillow:
 - Will reflect 15 minutes post the transaction confirmation on the blockchain. BTC takes longer as it requires at least 3 block confirmations before being processed.
- The exact time for deposit can be dependent on your exchange or wallet of choice and the time they take to push the transaction to the blockchain. We have noticed that a few exchanges can take a few hours before processing deposits.
For bank (local currency) deposits via Pillow’s on-ramp partners:
- The deposit gets reflected once the fiat is received and the transaction to trade to your crypto is successful.
- This process takes a matter of a few minutes once Pillow receives the funds from your bank or card.
 - Depending on the bank or the card, it can sometimes take 15-30 minutes to receive your fiat/local currency.
- In case of any queries, please join our Telegram community or chat with our team on WhatsApp.

What are the USD to NGN conversion rates like?

USD rates are dynamic and are provided at the time of purchase. You can see the amount of USD you will receive for your Naira deposit on the app before making the deposit. We request that you review the rates before making the payment. We take your feedback very seriously and we will work with our local partners to provide better rates for you in the future.

Which networks does Pillow support? 

Pillow currently supports Ethereum and the Binance Smart Chain for deposits, to begin with for USDC and USDT.

We recommend using the Binance Smart Chain (BSC) for transactions to minimize gas fees.

Pillow accepts BTC on the BTC network and ETH on the ERC-20 network only.We will be expanding support to other chains shortly.

Which stable coins are accepted on Pillow?

Pillow currently accepts USDT and USDC on the ERC-20 and BSC networks.
We would recommend using the BSC network for lower gas fees.

Will Pillow accept crypto other than BTC, ETH and USDC/USDT?

Currently, Pillow supports deposits of only BTC, ETH, USDC, USDT, MATIC, SOL and AXIE. Sending crypto other than these supported ones may lead to a loss of your crypto.

We will be expanding the investment strategies to other tokens/coins based on user feedback and demand.

When can I withdraw my funds?

You can withdraw your funds at any time that you want. There is no lock-in period for your funds.

Where can I withdraw my funds to?

Currently, you can withdraw your funds anytime to a crypto exchange (Binance, Trust Wallet, Luno etc.), a non-custodial wallet (like Metamask), or any other blockchain wallet that you own using the crypto withdrawal option. We are working to enable bank withdrawals soon. 

How do I withdraw my funds?

Please refer to this article for help on crypto withdrawals.

Is it possible to do partial withdrawal on Pillow?

You can choose to withdraw any portion of your available balance on Pillow.

Can I withdraw to my bank account?

We are working to enable bank withdrawals soon. Check the answer for "How do I withdraw funds?" for a step-by-step guide.

 Is there fees applied on withdrawals? 

Pillow charges no fees on crypto withdrawals.

How long does it take to enable withdrawals?

Unlike exchanges, withdrawals on Pillow involve unlocking DeFi investments across multiple chains and bringing them to you consolidated on a single chain.
- You can mostly expect these to be done in a few hours, however, it may take longer. 
- Some exchanges take a longer time to process deposits as compared to withdrawing to non-custodial wallets such as Metamask.

We are working to enable bank withdrawals soon. 

What are the risks? How does Pillow ensure my money is safe?

There are four main risks when investing in DeFi via Pillow:

Regulatory & Legal Risk
- Nations can decide to ban crypto or investments in DeFi
- Pillow is incorporated in Singapore, which is a crypto-friendly nation
- In case your country decides to ban crypto or investments in apps like Pillow, your funds will be safe. The funds will be returned to the wallet of your choice without any additional charge.

Smart Contract Risk
- DeFi protocols use smart contracts to automate all transactions
- If a smart contract is badly written, it can be vulnerable to attacks and can lead to loss of principal.
- Pillow invest only in blue-chip DeFi protocols which have been audited by the gold-standard smart contract audit firms to ensure that the users’ risks are minimized.
- Apart from the smart contract audits by these firms, Pillow’s internal team also does a smart contract audit for checking vulnerabilities.
- In addition, Pillow deploys assets to multiple protocols across chains as to minimize smart contract exposure to any single protocol.

Peg Risk
- This applies only for stablecoins and involves the stablecoins no longer holding the peg to the dollar (i.e 1 USDC is no longer ~= 1 USD).
- To minimize the risks, Pillow accepts and invests only in blue-chip stablecoins such as USDC and USDT, which have $40B+ liquidity, and have survived multiple bull and bear markets without continued loss of peg.

Custodial Risk
- This is the risk where users' funds get lost/hacked from the custodian. Pillow uses BitGo (used by the largest global crypto exchanges) as its custodian. This comes along with insurance on the crypto up to $250M when the assets are in custody and not deployed
- Assets under deployment are not insured. However, Pillow uses Gnosis Multi-Sig and Qredo-MM Institutional setup for DeFi custody during deployment which provides decentralized multi-party computation (dMPC).

Who manages these risks?

The risks are completely managed for you by Pillow to the best extent possible. Pillow has a dedicated research team that is actively researching 500+ protocols across 10 different chains to ensure the best returns for you while ensuring the maximum safety which includes

Smart Contract Risks
- We invest only in protocols with smart contract audits by the best smart contract audit firms, apart from conducting independent audits ourselves.
- In addition, Pillow deploys assets to multiple protocols across chains as to minimize smart contract exposure to any single protocol.

Peg Risks
- Pillow accepts and invests only in blue-chip stablecoins such as USDC and USDT, which have $40B+ liquidity, and have survived multiple bull and bear markets without continued loss of peg.

Custodial Risks
- Pillow uses BitGo (used by the largest global crypto exchanges) as its custodian. This comes along with insurance on the crypto up to $250M when the assets are in custody and not deployed
- Pillow also uses Gnosis Multi-Sig and Qredo-MM Institutional setup for DeFi custody during deployment which provides decentralized multi-party computation (dMPC) for assets which need to be deployed.

Are my funds safe on Pillow?

All assets deposited to Pillow are securely stored with our custody partner, BitGo. Additionally, all assets in custody are protected against any incidents with a $250 million insurance policy, ensuring the safety of user funds at all times.

Is my Pillow balance insured?

Deposits in Pillow are not insured by FDIC or any other providers. However, Pillow works with BitGo for custody as a result of which Pillow has up to $250M insurance for any problems that arise in funds that are in BitGo’s custody.
Pillow’s research and smart contract teams work actively to ensure the least amount of risk while ensuring the best yields for the user.
Our research and smart contract teams are actively evaluating every protocol for risks, checks for smart contract audits by leading smart contract audit firms such as Certik and rebalances portfolios for effective risk management.
Pillow has the leading DDoS protection, Gnosis-safe multi-signature mechanisms and follows the industry best practices to ensure the safety of the users’ funds.

Are my funds insured in case of de-pegging of stablecoins?

Pillow takes deposits and invests only using blue-chip stablecoins such as USDC, USDT and DAI. While there is no insurance taken against the peg, these are stablecoins which have survived multiple bull and bear markets and are battle-tested.